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February 2006/5

  • Lloyd’s insurer Wellington Underwriting plc has announced the retirement of its chief underwriting officer David Foreman in a statement to the London Stock Exchange this morning (6 March 2006).
  • Warren Buffett said the cost of Hurricane Katrina and “her ugly sisters, Rita and Wilma” cost Berkshire Hathaway a total of $3.4bn last year. The investment titan revealed the extent of Berkshire’s bill in his annual letter to the company’s...
  • The London market has exceeded its latest target laid-down in conjunction with UK regulator, the Financial Services Authority (FSA), to ensure contract certainty of policies agreed in December.
  • Giant reinsurer Swiss Re reported a 41 percent drop in its net income last year it falling to SFR1.451bn from SFR2.475bn in the prior year, a result that reflected a tough year for reinsurers.
  • Lloyd’s insurer Amlin reported this morning (2 March) a record result of 25.4 percent for the 2003 year of trading on Syndicate 2001, beating the previous record of 21.7 percent on the 2002 account. The company said the result, achieved on a capacity..
  • Marsh UK is in the process of scrapping its final salary pension scheme for its staff and ceasing supplementary benefits for all but the highest earners, The Insurance Insider can reveal. The move is the broker’s latest cost-cutting exercise as its...
  • Listed Lloyd’s insurer Chaucer reported today (28 February) that it has written £125.8mn of premium, net of brokerage, during January renewals. The premiums are up from January 2005’s figure of £110.3m and represents approximately...
  • Swiss reinsurer Converium has provided details of restated financial results following an internal review prompted by regulatory investigations into ‘finite’ reinsurance. In a statement this morning (28 February), the company – which has been...
  • Giant insurer American International Group (AIG) has formed a new unit, AIG Specialty Excess, in order to handle all in-force, new and renewal business currently handled by CV Starr & Co agency, a subsidiary of CV Starr & Co, Inc.
  • French reinsurer SCOR has reported a 25 percent increase in premium income renewed at 1 January for non-life, credit and surety treaties.
  • Bermudian-headquartered (re)insurer Quanta has appointed Roland Baker and Robert Shapiro to its board of directors. Both men were also appointed to the board’s audit committee, Baker will join the compensation committee while Shapiro will join the...
  • Insurance giant American International Group (AIG) is facing a lawsuit from Minnesota attorney general Mike Hatch, raising the spectre of further action from states dissatisfied with AIG’s recent $1.6bn payout. Hatch is seeking up to $10mn...